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California Gov. Gavin Newsom said the state will provide rebates to residents if President-elect Donald Trump's incoming administration does away with a federal tax credit for electric vehicles.
He said at a news conference last week that he still hadn’t heard back from the president-elect. California's defunct Clean Vehicle Rebate Program offered rebates on electric cars as high as $2,500.
According to the report, “In 2010, Tesla received a $465 million loan from the Department of Energy to produce electric vehicles and to develop a manufacturing facility in Fremont, California ...
Currently the standard credit for a qualified alternative fuel vehicle is $4,000. Other than the Civic GX, a number of models produced after 2004 may qualify for tax credits. [13] Electric vehicles: Government tax credit programs are planned for electric and plug-in hybrid vehicles, but no specific models have yet been certified. [14]
According to these figures plug-in hybrid electric vehicles were outselling pure electric vehicles in California by early 2013. [53] [54] In addition to a US$7,500 federal tax credit, the 2012 and later model year Chevrolet Volts qualified in California for the US$1,500 CVRP rebate and had free access to high-occupancy vehicle lanes.
The value-added tax (VAT) exemption for electric cars will end in 2018, but replaced by a new scheme, which may be subjected to a ceiling that could be reduced as technology develops. The agreement also gave local authorities the right to decide whether electric cars can park for free and use public transport lanes. [160] [161]
Understanding federal tax credits is not an easy feat, especially when it comes to ever-evolving laws around tax credits for electric cars. If you bought an EV (or are thinking of buying one) in ...
One additional insider tip to keep in mind during your browsing: Don’t be so quick to rule out used electric vehicles. For the 2024 tax year, the IRS says a model of EV that’s from 2022 or ...